Luanda, ANGOLA, June 25 - The Economic Commission of the Council of Ministers Wednesday analysed the draft Law of the reviewed General State Budget (OGE) for the economic year of 2020, whose revenues are estimated at 10.4 billion Kwanzas. ,

The amount includes expenses set at an equal amount for the same period, based on the reference price of 33 US dollars per barrel of oil, according to a press release issued at the end of the meeting, led by the President of the Republic, João Lourenço.

 

The note points out that the revision of the 2020 State Budget stems from the need to adjust the current amount of revenue and expenditure to the constraints imposed by the current global and national economic context, characterised by the strong negative impact of the new Coronavirus pandemic (Covid-19).

 

Approved by Parliament last December, the 2020 General State Budget provided for expenditure and revenue of 15.8 billion kwanzas.

 

The Government drew up the 2020 State Budget based on the assumption of an average price of a barrel of crude oil of 55 dollars, an inflation rate of 24 percent and a real growth in Gross Domestic Product (GDP) of 1.8 percent.

 

The Commission also considered the draft law on the sustainability of public finances, which establishes the rules and instruments governing the implementation of state fiscal policy and the management of public finances, oriented to fiscal and financial stability and sustainability, with a focus on inclusive and sustainable economic growth and job creation.

 

It also approved a law that establishes the legal regime applicable to the issue of invoices by purchasers of goods and services, in substitution of their suppliers, transmitters of goods or providers of services.

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